Gold recedes to near VND47 million

The price of gold in Vietnam declined to near VND47 million a tael (1.2 ounces) on September 15, driven by losing pressure on global market.

Sacombank Jewelry Company bought gold at VND46.76 million and sold at VND47.14 million at 10 am local time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND47 million and sold at VND47.25 million at the same time.

Domestically, gold fetched around VND1.4-1.5 million a tael higher than global price.

On foreign currency market, the dollar exchange rate continued to hover above VND21,000 on free market this morning. The greenback was bought at VND21,000 and sold at VND21,080 at 10 am in Ho Chi Minh City.

Meanwhile, the rate at commercial banks remained stable at VND20,830 for buying and VND20,834 for selling. The inter-bank exchange rate was unchanged at VND20,628 per dollar.

Internationally, gold fell as easing concern over European debt woes eroded demand for the metal as a haven.

Gold for immediate delivery lost as much as $13.1 an ounce, or 0.7 percent, to close at $1,822.1 an ounce on the Comex in New York.

In Asia, the metal prolonged losing momentum in the trading session this morning. Spot gold cut $4.6 an ounce to trade at $1,817.5 an ounce at 10:05 am Vietnamese time.

The euro exchange rate against the greenback strongly recovered to stand at $1.37 a euro in Tokyo this morning from $1.35 the previous day.

Crude oil futures for October delivery fell $0.32 a barrel over the closing price in New York to trade at $88.59 a barrel on the New York Mercantile Exchange at 10:30 am Vietnamese time.